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National Internal Revenue Code of 1997 5th Edition
As part of its series of issuances on the Computerized Accounting System (CAS), the Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Order (RMO) 9-2021 which prescribes the simplified guidelines and procedures on the use of CAS, Computerized Books of Accounts (CBA) and/or its Components, including the Electronic Storage System (ESS), Middleware and Other Similar Systems. The RMO, issued on Feb. 19, 2021, supplements the provisions of Revenue Memorandum Circular 5-2021 in streamlining the documentary requirements and in simplifying the process of registration of these systems.
How do we define the needed skills, behaviors and attitudes to perform jobs effectively? How do we know if an individual qualifies for the job or not?
Tax authorities and firms are now anticipating a more accessible and convenient mode of filing and payment of taxes in the new normal. This comes on the heels of an announcement made by the Bureau of Internal Revenue (BIR) that it is planning to offer 24/7 online tax services in a bid to ramp up its digital transformation initiatives.
Occupational fraud happens more in private companies than their public counterparts. The Association of Certified Fraud Examiners’ 2020 Report to the Nations said that 44 percent of reported frauds occurred in private companies, 26 percent in public companies, 9 percent in nonprofits, and 21 percent in government or other entities. These numbers indicate that having a board of directors and management team that prioritize fighting fraud is crucial.
According to Japanese mythology, earthquakes are caused by the giant Namazu (otherwise known as Onamazu) catfish, a mischievous animal that hides beneath the earth’s surface. When the Namazu waggles its caudal fin, the ground shakes violently, endangering the unwitting inhabitants above ground.
The “Corporate Recovery and Tax Incentives for Enterprises Act” or CREATE Bill was drafted with the aim to improve the structure of Taxation in the Philippines as well as attract investors to procure economic growth, in an effort to recover from Covid-19 crisis. The bill is currently pending approval by the President, as approved by the Bicameral Conference Committee of the House of Representatives and the Senate on Wednesday, February 3, 2021.
Reduced CIT rate of 20 percent shall be applicable to domestic corporations with net taxable income not exceeding P5,000,000 and with total assets not exceeding P100 million (excluding land on which the business entity’s office, plant and equipment are situated)
Insider threats may have been looming even before the start of the Covid-19 pandemic, but the crisis further put a corporation’s security in distress.
